Saxo Payments partners Oracle to enable fintech and their merchant customers lower global payouts

Saxo Payments, a subsidiary of Saxo Bank, selected Oracle FLEXCUBE on Oracle Managed Cloud Services as the foundation for its in-house developed Saxo Payments Banking Marketplace, a solution that empowers FinTech businesses to deliver instant cross-border payments capabilities to their merchant clients.

Saxo Paymentss new offering enables fintech businesses, including banks and payment service providers (PSPs), to deliver instant transfers to bank accounts worldwide, facilitating international expansion for those organisations and their merchant clients looking beyond domestic markets.

Saxo Payments Banking Marketplace makes cross border payments local by using segregated international bank account number (IBAN) accounts in multiple currencies -- enabling members to make and receive cross-border transfers instantly, without the need for establishing multiple banking relationships. It also reduces the costs currently charged by conventional banks for cross-border transfers by providing access to a global account infrastructure on a compliant Oracle-based banking platform.

By building its new banking marketplace solution with Oracle FLEXCUBE on Oracle Managed Cloud Services, Saxo Payments helps ensure the flexibility, scalability and security that it requires to support the fintech industry and its merchant customers. The, standards-based digital banking platform enables Saxo Payments to deliver global services while reducing operational risk for financial organisations and their customers.

Oracle Managed Cloud Services are delivered from data centers and include key security, compliance, and risk management functionality as well as industry-specific certifications (e.g. PCI DSS, SOC 1, FedRamp and NIST standards). Oracle applies best practice security standards and controls that are based on ISO 27000, and continuously tests and monitors the integrity of these controls.

A security package, tailored specifically for the financial services industry, offers multi-layered-in-depth risk management and security services encompassing physical, network, data, platform and application layers to provide the highest levels of security and risk management options to financial institutions.